Current Affairs
IMF forecasts Maltese economy will register the highest growth in the eurozone in 2022

According to the International Monetary Fund, Malta will have the lowest rate of unemployment within the eurozone this year as well as the highest rate of growth next year.

In their forecast on global economic trends, IMF experts are stating that the recovery will be affected by strong uncertainty because of the pandemic, but it will also depend on how much governments of countries will support the local economy.

In the wake of positive forecasts for Malta’s economic trends by European Commission experts some months ago, IMF experts are forecasting that this year the Maltese economy will register a 4.7% growth.

In their Spring Report which takes a look at world economic trends, the IMF experts are projecting that Malta’s economic growth will be 0.3% higher than the average growth in the eurozone.

For next year, the IMF experts are forecasting that Malta will have the highest rate of growth in the eurozone, with the economy expected to register a 5.6% growth, whereas the average in the eurozone is expected to be 3.8%.

Conscious of the uncertainty brought about by the pandemic and the effect on countries like Malta that are dependent on tourism, the International Monetary Fund is forecasting that the Gross Domestic Product in Malta will be 2.8% higher than in 2019.

According to the IMF, this is the best achievable result among European countries dependent on tourism.

It is also being forecast by the IMF that the rate of unemployment in Malta this year will be 4.3%. this being the lowest rate of unemployment in the eurozone, with the average being 8.7%.

Unemployment in Malta next year is expected to drop to 4.1%, whereas this is projected to drop to 8.5% within the eurozone.